Money & Banking

Syndicate Bank to open 300-500 branches next fiscal

A J Vinayak Manipal | Updated on January 24, 2018 Published on March 24, 2015

TK Srivastava, Executive Director,Syndicate Bank

Syndicate Bank is planning to open 300-500 branches in the next financial year, according to TK Srivastava, Executive Director.

He told presspersons in Manipal on Tuesday that the bank had around 3,500 branches currently. Of these, 50-60 were opened during the fourth quarter of the current financial year. “Going forward, another 300-500 branches will be opened in the next fiscal,” he said.

The bank also has 37 mid-corporate branches. Another 13-14 such branches would be opened in the next two-three months, taking the total to 50, he said.

To a query on the bank’s recruitment plans, Srivastava said the bank planned to recruit around 5,000 people last year. However, it could get only 4,000 people. It planned to recruit another 5,000 people in various cadres. The proposed recruitment would take care of the branch expansion, in addition to those retiring from service, he said. 

Jan Dhan Yojana

To a query on the bank's performance under the Prime Minister's Jan Dhan Yojana (PMJDY), Srivastava said Syndicate Bank had opened 25 lakh accounts under the scheme, all of which were issued RuPay cards.

He said 60 per cent of the accounts opened were zero balance accounts. Every effort would be made to make them operational.

He hoped that at least 50 per cent of these zero-balance accounts would become operational in another three months.

The percentage of zero-balance accounts was around 95 per cent in the beginning. It had come down to 60 per cent now, he said.

The bank had opened 8 lakh accounts under PMJDY when it was launched on August 18 against the target of 4 lakh accounts, he said.

Ravi Shanker Pandey, Executive Director, was present on the occasion.

Published on March 24, 2015
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